Ba-Zillionaire Warren Buffett just became the latest darling of the left wing “Progressive” Class Warfare Specialists when he said that America needs to stop “coddling” the wealthy. He said that he pays a lower tax rate than his secretary. And somehow the left sees this as proof positive that their “soak the rich” scheme has merit. And worse, that the rich actually want to pay more.
Warren Buffett might be a smart man when it comes to making money, but he is ignorant on how a free market economy works judging by his moronic statement.
And I am sorry to disappoint you Progressives out there in La-La Land, but what you are passing off as a statement bolstering your argument that the wealthy “need to pay their fair share” is actually just the opposite.
His statement is proof that Buffet’s lower tax rate actually brings in more taxes to government coffers.
Here’s why:
Buffett makes his billions and is encouraged to put his money at risk, enticed by a generously low tax rate. And in spite of his “cut my own throat” tax philosophy, he makes money. This money is paid to his secretary, his driver, his butlers, cooks, and his array of personal servants. And they are all taxed at a rate higher than his “Capital Gains” rate.
But how many people work directly for Buffett? Thousands? Tens of thousands?
Who knows. But they all benefit from the risk Buffett takes with his money, and they all pay taxes. And they all buy food, clothes, shelter and toys. And they pay even more taxes. And their purchases are providing jobs and paychecks for – millions? And these millions are also paying taxes to the government. And making purchases. And on and on.
Warren Buffett is truly the goose that lays the golden egg. Or eggs. Lots of eggs! And we all eat. And more importantly, the government does not need to give us food stamps and medicaid. Buffett’s money provides that.
But President Obama believes that the rich are fat cats and the only way to make a fat cat lean and mean is by confiscating more of what is making him a fat cat – his money. And when the profits start being taken by the government, Buffett will do his best to preserve his assets – and his wealth. He will cut back.
And the secretary who paid a higher tax rate on some of her money will become an expendable luxury for Buffett. And he will cut back on luxuries. And his secretary will need food stamps, Medicaid and housing assistance from the government. And she will have to cut back, so those that benefited from her spending (and the taxes on those purchases) will feel the pinch.
And we will have 9.2% unemployment – and higher.
If you stop feeding the Golden Goose, it stops laying eggs.
Why is that so hard for Obama and his Progressive friends to grasp?
Really? Trickle down eh? we tried that before.
And it worked. Until the Progressives messed it up with over regulation and Keynesian economics.